Sacramento, CA – The bursting of the real estate bubble back in 2007-2008 caused major trouble for the economy and a lot of homeowners had the worst nightmare of their lives because their homes had been foreclosed.
Fast forward, 2011, the United States government has seen the light and announced that they will be conducting a review process where foreclosed homeowners can request for a re-evaluation of their cases and dispute the foreclosures that were implemented by the 14 major lenders back in 2008 (this would include Bank of America, JP Morgan Chase, HSBC and Wells Fargo).
According to the Office of the Comptroller of Currency, an assessment on the said Foreclosure cases will be conducted by independent consultants and they will evaluate if a home owner’s property was closed due to negligence, unfair practices or other errors that have been committed by these lenders when the home was foreclosed. Along with this task, the consultants will also determine the type of compensation for the wronged home owner.
Lenders are so keen to get their money back and profit from every possible homeowner that owes them to the point that they have employed dirty tactics like “robo signing” just to foreclose on a home. “Robo signing” is the practice of foreclosing a home with no prior notices when a property is foreclosed but all paper work has been signed.
One good example of “robo signing” case that I found through the internet was that of a guy from Wofford Heights, CA whose property had been foreclosed by Bank of America. He just woke up one day to find out that he had lost him home to foreclosure. Upon calling Bank of America, the reply he got was that he lived in a gated community and that Bank of America was unable to get past through the guards. When he asked Bank of America why they did not send the notice via Federal Express, Priority Mail, UPS, Certified Mail; he could not get an answer. This is just one of the horror stories you can find on the internet about the unfair practices of lenders.
Wrongful foreclosures cause financial injury to unsuspecting homeowners. There are instances where even when a homeowner wins the case but they still end up getting screwed because the lender has already sold their property to someone else. With this recent government action, the Federal Reserve is expecting better documentation, monitoring and standards from the lenders.
If you feel that your property had been wrongfully foreclosed, visit this website:
It is better to be robbed than to lose your home. Losing a home to foreclosure doesn’t just ruin a person or a family financially, it also ruins their dreams and hopes. Owning a home is like fulfilling the great American dream and to have that home wrongfully foreclosed is just plain devastating. Let no homeowner fall prey to unfair practices of the lending industry.